The validity test of macro prudential regulation in China by using system GMM method shows that some of the macro prudential tools currently implemented in China are effective and reduce the probability of systemic risks to a certain extent. However, the coordination between macro prudential policy and monetary policy is relatively complex. With policies complementing and coordinating each other, the phenomenon of “policy offset” and “policy overshoot” is widespread. Thus, the role of macro prudential policy in making up for monetary policy flaws has not been fully played. Therefore, on the one hand, we need to build a macro prudential toolbox, select tools according to local conditions and improve the effectiveness of tools. On the other hand, we should give full play to the supervisory and coordinating role of committee on financial stability and development, explore the logical mechanism of mutual complementation between macro prudential policy and monetary policy, construct dual pillar regulatory framework of monetary policy and macro prudential policy, in order to increase the effectiveness of macro prudential regulation in our country.